KANSAS CITY, Mo. —
Quarterback Patrick Mahomes is again among the highest-paid quarterbacks in football.
Multiple league insiders have confirmed that the Kansas City Chiefs and reigning NFL MVP have agreed to a complete overhaul of the quarterback’s contract.
The news of what amounts to a $43.3 million-dollar raise broke on Twitter Monday afternoon.
The most notable change in the significant restructure is more guaranteed salary and effectively fewer seasons under contract.
According to NFL Network Insider Tom Pelissero, Mahomes will now be paid $210.6 million between the 2023 and 2026 seasons. The quarterback’s salary across the next four seasons is fully guaranteed and includes incentives that can increase his total compensation to $218.1 million by 2026.
After the recent completion of Joe Burrow’s new deal with the Cincinnati Bengals, Mahomes dropped to eighth in annual salary among quarterbacks. The restructured extension now brings the two-time Super Bowl champion back to the top of the market at approximately $52.65 million in annual salary.
Mahomes first signed the original version of his team-friendly, but still massive, 10-year $450 million extension in 2020.
While Mahomes is still under contract for the next nine seasons, the move essentially shortens the remaining number of seasons under contract on the quarterback’s current deal with the Chiefs from eight to four by shifting all of the guaranteed money into the next several years.
The team plans to revisit the 28-year-old’s agreement again after the 2026 season, when he will be 31.
Mahomes initially downplayed — but didn’t rule out — the possibility of a new deal during the offseason as new contracts started getting dolled out to his peers Lamar Jackson, Jalen Hurts and Justin Herbert.
“I know we keep communication. We see what’s going on around the league,” he said during the 2023 offseason, “but at the same time, I’ll never do anything that will hurt us from keeping the great players around me. It’s about teetering on that line.”
The restructured contract was negotiated by Equity Sports CEO Chris Cabbot, who co-represents Mahomes alongside Leigh Steinberg. The $273 million in guaranteed money paid to the quarterback since his original deal was first signed remains an NFL record.
“You just want to not hurt other quarterbacks when their contracts come up,” Mahomes said over the summer. “You want to keep pushing but it’s not about being the highest-paid guy. It’s not about making a ton of money. I’ve made enough money where I’ll be set for life. But at the same time, you have to find that line where you’re making good money and keeping great players around you.”
Chiefs head coach Andy Reid spoke to reporters on Monday following the team’s Week 2 victory over the Jacksonville Jaguars. Reid gave no indication that a potential new deal was on the way for Mahomes.
Mahomes is expected to discuss his new contract during his regularly scheduled Wednesday press conference with the team.
The QB tweeted out a brief message Monday, who turned 28 on Sunday, tweeted out a brief message after receiving what is perhaps the greatest birthday present of all time.